A classic Ferrari 250 GTO is reported to have been sold for $52 million, making it the world's most expensive car.

Bloomberg News states that the 1963 250 GTO race car was purchased last month from its previous owner, Paul Pappalardo. The identity of the new owner, who bought the car in a private transaction, is not yet known, says Bloomberg, which reports that the sale and price of the car were disclosed to it by three independent specialist traders.

Pappalardo, who is based in Connecticut, bought the car, chassis number 51111, in 1974. It is one of just 39 such cars built by Ferrari, conceived to compete in GT racing (GTO stands for Grand Turismo Omologato, or Grand Touring Homologated). As well as a successful racer, it has long been regarded as one of the world's most beautiful and exclusive cars.

Nick Mason, the Pink Floyd drummer and classic car collector, owns a similar car, which he bought in 1977 with the proceeds of Dark Side of the Moon. In 2010 he turned down an offer of $35 million for the car, and is since thought to have received offers of between $40 million and $50 million from investors looking to take advantage of classic cars as investments.

The price achieved for Pappalardo's car, which took victory in the 1963 Tour de France road race and has more recently competed in historic racing events at Silverstone and Le Mans Classic, is a 49 per cent increase on the previous record holder, another 250 GTO which was sold last year for $35 million. Not bad when you consider that when new in 1962, a Ferrari 250 GTO cost about £6,000.